What is your target market? Who is your ideal client? We, at Keystone Mastermind Alliance, have found these to be questions that many business owners don’t like to get specific about. They fear that if they get precise and niche down in their marketing, they may be limiting their clientele. Decades of market research indicate that the exact opposite is true. In our business coaching practice, we have seen time and time again that our client’s increase their businesses by narrowing their market focus.
Just because someone can use your product or service doesn’t mean they will buy it or want to buy it or be able to afford it or see it as being valuable to themselves or see you as being their preferred source to buy from. In marketing, broader is not better.
The market research that goes into building your marketing plan and campaign must consider who is able and willing to give you their hard-earned cash. That defines where to best spend the dollars in your marketing budget. The more you know about who is likely to buy from you, the more successful you will be. The more clearly you can articulate who your ideal client is, the greater your chances of getting an appropriate referral.
Your Client Profile
- What is the personality, preference, and demographic of the person you are selling to?
- What are the words, images, desires, feelings and experiences that will get their attention, pique their interest, and grab them as a customer?
- What is the sales system that is most likely to move them through to signing on the dotted line (or clicking “submit”)?
We would like you to discard the idea that getting specific on who you are selling to means that you are eliminating potential clients. Just because anyone with skin can use your soothing lotion, anyone with teeth can visit your dentist, anyone with hair can use your shampoo does not mean that everyone will. You could be selling umbrellas in the pouring rain and some people with will not have the budget for an umbrella and others will enjoy walking in the rain. Your niche isn’t people without an umbrella, your niche is the subset of people who like umbrellas, don’t want to get wet, are willing to pay for an umbrella, have access to you, and find you acceptable enough to do business with you. See the difference?
Consider yourself as a consumer of products, goods and services – what attracts you? Who do you buy from and why? Why do you have loyalty here and not there? When you ask a friend for a recommendation, what are you listening for? When you do research, what are you looking for?
Spotting Your Clients Trends
Get detailed about who buys your product or service. Look at past clients. Remember, that satisfied customers who love your product or service and the customer experience you provide can be one of your best and least expensive marketing tools. Susie, nursing aide, bought a soothing lotion from you and now her brother, the investment banker, is buying one also. Look for the commonalities e.g. they both have hereditary dry skin.
Take the time and effort to discover commonalities that are below the surface (e.g. hobbies and experiences) and you will find specificities you can use in targeting your ideal client and thereby growing your business.
Now, admittedly, like everything else that goes into successful and profitable business building, this step takes effort. Laziness won’t do. Defining your target market can take time, research, trial, and redirection but it must be done. Multinational companies seek out a specific person in a particular circumstance and speak directly to them, their avatar – letting them know the benefit they will receive from buying the product. We want to see you, the entrepreneur or small business owner, connect with this concept and process and simmer it down to where you are in your business today.
The Bottom Line
Getting a crystal-clear image of the person who is buying your services or product is crucial to marketing success and business growth. Are you ready to let go of fear of missing out and niche down to make some money. In Chapter 2 of our bestselling book, Suck It Up, Buttercup: 10 Tough-Love Strategies To Get You Off Your Butt and Making Money, we share seven steps to exploring niches relevant to your business model.
If you want additional support, visit a KMA Network Chapter to meet a welcoming community of business masterminds that are constantly improving their skills and profitability. Or contact us, Liz & Tracie at KMA@KMANetwork.com to discuss business coaching options. We offer single sessions, packages, and monthly retainers so we can champion your success in a way that best matches your unique needs.